Im rank #11xxx. Really hoping I get called.
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Tier 6 Pension question.
According to the below website - is this accurate? please tell me im reading this wrong
under "service retirement benefit calculation" = With 20 years or more of service: 35% of FAS for 20 years of service plus 2% of FAS for years of service > 20
So for calulation purposes - FAS = 100k, what would be the final pension?
And age 63? Ouch that's terrible
http://osc.state.ny.us/retire/employ...comparison.phpLast edited by Mike_NYSCO; 02-17-2016, 04:37 AM.
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Originally posted by Mike_NYSCO View PostTier 6 Pension question.
According to the below website - is this accurate? please tell me im reading this wrong
under "service retirement benefit calculation" = With 20 years or more of service: 35% of FAS for 20 years of service plus 2% of FAS for years of service > 20
So for calulation purposes - FAS = 100k, what would be the final pension?
And age 63? Ouch that's terrible
http://osc.state.ny.us/retire/employ...comparison.php
early retirement is possible at age 55 with a large reduction in benefits (same service time and FAS would net about $25k pension)
Age 55 reduces your benefit by 55% and the penalty is reduced a bit each year to age 63 where you can collect fullyLast edited by Kabbage; 02-17-2016, 05:29 AM.
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Originally posted by Kabbage View PostAbout $55k if you have 30 years at age 63 with $100k FAS
early retirement is possible at age 55 with a large reduction in benefits (same service time and FAS would net about $25k pension)
Age 55 reduces your benefit by 55% and the penalty is reduced a bit each year to age 63 where you can collect fully
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When I came on the job a long time ago, we had what was called a social security offset. This meant our pension would be reduced dollar for dollar by the amount we received in social security benefits. We successfully worked with our unions and representatives in Albany to change that. My point, get involved with the job and work towards achieving realistic goals and don't become one of the people who complain from morning until night but do nothing to make things better. Congratulations and good luck to those entering the Academy...
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